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LONDON MARKET PRE-OPEN: Ryanair Cuts Traffic Growth Rate On Boeing 737

Tue, 16th Jul 2019 07:43

(Alliance News) - Stock prices in London are seen opening marginally lower on Tuesday, amid mixed trading in Asian equity markets, as investors look to a busy day on the US earnings front. In early company news, Irish airline Ryanair said it would scale back some of its services amid delays to deliveries of the grounded Boeing 737 MAX aircraft, while fashion retailer Burberry and credit checking firm Experian said they made positive starts to their respective financial years.IG futures indicate the FTSE 100 index is to open 4.72 points lower at 7,527.00. The blue chip index closed 25.75 points higher, or 0.3%, at 7,531.72 on Monday. The Japanese Nikkei 225 index closed down 0.7%. In China, the Shanghai Composite is down 0.3%, while the Hang Seng index in Hong Kong is up 0.2%. Financial markets in Japan reopened Tuesday after being closed on Monday for a public holiday. Budget carrier Ryanair Holdings said it expects Boeing 737 MAX aircraft delivery delays to slow capacity growth.Ryanair said it remains committed to the B737 MAX aircraft. It expects the jet - grounded globally by regulators after two fatal crashes - to return to flying service before the end of 2019, but the exact date of this return remains uncertain.The airline is to revise its summer 2020 schedule due to the 737 delivery delays.As a result, Ryanair said it expects summer 2020 traffic growth rate to slow to 3% from 7%, which means traffic growth for its full financial year to March 2021 will be cut to around 157 million passenger from 162 million."This shortfall in aircraft deliveries will necessitate some base cuts and closures for summer 2020, but also for the winter 2019 schedule. We are starting a series of discussions with our airports to determine which of Ryanair's underperforming or loss making bases should suffer these short term cuts and/or closures from November 2019. We will also be consulting with our people and our unions in planning and implementing these base cuts and closures, which are directly caused by the B737 MAX delivery delays to the B737 MAX program," said Chief Executive Officer Michael O'Leary.Burberry Group said it saw a good start to its financial year as Chief Creative Officer Riccardo Tisci continues to make his mark on the fashion house. The company said it saw an excellent consumer response to Tisci's work with new collections delivering strong double-digit percentage growth compared to last year's collections, in line with expectations. For the 13 weeks to June 29, the company reported retail revenue of GBP498 million, up 4% from GBP479 million in the first quarter last year. Comparable store sales were up 4%, with growth led by new products. In the Europe, the Middle East and Africa region comparable store sales grew by a low-single digit percentage, supported by tourist spending, which particularly benefited the UK. In the key Asia Pacific region, comparable store sales grew by a high single-digit percentage driven by Mainland China, up by the mid-teens. The Americas unit was flat, with the US growing by a low-single digit percentage but Canada was hurt by a later markdown period.Burberry maintained its financial 2020 guidance for broadly stable revenue and adjusted operating margin at constant exchange rates including cumulative cost savings of GBP120 million. Experian said it started its financial year well and in line with expectations and left its guidance unchanged. For the three months to June 30, the company reported total revenue growth of 7% at constant exchange rates and organic revenue growth of 6%. At actual exchange rates total growth was 4%. In the North America region, organic revenue increased by 8%. Total revenue growth was 9%, which the company said reflected the contribution from its recent acquisition of AllClear ID.In the UK and Ireland, total and organic revenue growth were both flat at constant currency. At constant currency, total revenue growth across EMEA/Asia Pacific region was 6%, while organic revenue declined by 1%.Rio Tinto reported a drop in first half iron ore production at the company's Pilbara operations in Western Australia due to operational and weather-related issues.In the six months to June 30, Rio Tinto's Pilbara iron ore production, on a 100% basis, slipped 8% year-on-year to 155.7 million tonnes. Iron shipments also decreased 8% to 154.6 million tonnes.Pilbara iron production in the second quarter was down 7% to 79.7 million tonnes. Iron ore shipments in the three month period was 3% lower at 85.4 million tonnes.Rio Tinto blamed the fall in shipments due to recovery works following Tropical Cyclone Veronica and a fire at Cape Lambert. The miner said all repairs are now complete.The pound was quoted at USD1.2513 early Tuesday, flat against USD1.2518 at the London equities close Monday. The economic calendar on Tuesday has UK claimant count and average earnings at 0930 BST, eurozone trade balance at 1000 BST and US retail sales and US import and export price indexes at 1330 BST. The US Johnson Redbook Retail Sales Index follows at 1355 BST. Top US and Chinese trade negotiators are due to speak by telephone in the coming days, but no face-to-face talks have been scheduled yet, US Treasury Secretary Steven Mnuchin said Monday.That would be the second call in two weeks by senior officials from Washington and Beijing as the thaw in fraught trade negotiations continues."We expect to have another principal-level call this week," Mnuchin told reporters on Monday. "To the extent we make significant progress, there's a good chance we'll go there later."President Donald Trump and his Chinese counterpart last month agreed to resume trade talks after discussions collapsed in early May when the American side accused Beijing of reneging on key commitments.As a result, Trump raised duty rates on USD200 billion in Chinese imports but agreed last month not to move forward with another USD300 billion in import duties.In the US earnings calendar on Tuesday, banks JPMorgan Chase, Goldman Sachs, and Wells Fargo will report earnings on Tuesday before the New York opening bell. Consumer products firm Johnson & Johnson also will issue second quarter earnings.

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30 Jan 2023 06:56

TOP NEWS: Ryanair swings to quarterly profit on strong festive fares

(Alliance News) - Ryanair Holdings PLC on Monday reported a swing to third-quarter profit, with results boosted by higher prices and stronger demand over the Christmas period.

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30 Jan 2023 06:51

LONDON MARKET EARLY CALL: Lower call ahead of central bank decisions

(Alliance News) - Stocks in London are set to open lower on Monday, as investors look ahead to three key interest-rate decisions this week.

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24 Jan 2023 12:41

Liberum lifts price targets on airline stocks

(Sharecast News) - Liberum said on Tuesday that the airline industry is in the early stages of recovery from the pandemic.

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24 Jan 2023 09:33

LONDON BROKER RATINGS: Davy raises DS Smith; Panmure cuts Unite Group

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

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23 Jan 2023 15:48

UK earnings, trading statements calendar - next 7 days

Tuesday 24 January 
Accrol Group Holdings PLCHalf Year Results
Associated British Foods PLCTrading Statement
Henry Boot PLCTrading Statement
Oxford BioDynamics PLCFull Year Results
Saga PLCTrading Statement
Staffline Group PLCTrading Statement
Sureserve Group PLCFull Year Results
Velocity Composites PLCFull Year Results
Wednesday 25 January 
CMC Markets PLCTrading Statement
Conduit Holdings LtdTrading Statement
easyJet PLCTrading Statement
Forterra PLCTrading Statement
Fresnillo PLCTrading Statement
Hargreaves Services PLCHalf Year Results
hVIVO PLCTrading Statement
JD Wetherspoon PLCTrading Statement
Keywords Studios PLCTrading Statement
Lords Group Trading PLCTrading Statement
Next Fifteen Communications Group PLCTrading Statement
Quilter PLCTrading Statement
Scancell Holdings PLCHalf Year Results
Tullow Oil PLCTrading Statement
Van Elle Holdings PLCHalf Year Results
Watkin Jones PLCFull Year Results
Thursday 26 January 
CVS Group PLCTrading Statement
Diageo PLCHalf Year Results
Eurocell PLCTrading Statement
Fevertree Drinks PLCTrading Statement
Foxtons Group PLCTrading Statement
Greencore Group PLCTrading Statement
Idox PLCFull Year Results
IG Group Holdings PLCHalf Year Results
Intermediate Capital Group PLCTrading Statement
Provident Financial PLCTrading Statement
Rank Group PLCHalf Year Results
Record PLCTrading Statement
Smart Metering Systems PLCTrading Statement
St James's Place PLCTrading Statement
Tate & Lyle PLCTrading Statement
TClarke PLCTrading Statement
Time Finance PLCHalf Year Results
Titon Holdings PLCFull Year Results
Wizz Air Holdings PLCQ3 Results
Friday 27 January 
Aberforth Smaller Companies Trust PLCFull Year Results
GCP Infrastructure Investments LtdTrading Statement
Industrials REIT LtdTrading Statement
Paragon Banking Group PLCTrading Statement
YouGov PLCTrading Statement
Monday 30 January 
Computacenter PLCTrading Statement
DP Eurasia NVTrading Statement
Porvair PLCFull Year Results
Ryanair Holdings PLCQ3 Results
Sthree PLCFull Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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17 Jan 2023 15:20

Ryanair in record bookings as consumers plan Easter and summer trips

(Alliance News) - Ryanair Holdings PLC on Tuesday announced record bookings driven by UK consumers planning foreign trips for Easter and summer.

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16 Jan 2023 09:34

LONDON BROKER RATINGS: SocGen raises Severn Trent to 'buy'

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LONDON MARKET CLOSE: Stocks make headway thanks to retailers

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5 Jan 2023 09:20

LONDON BROKER RATINGS: Bank of America cuts Pearson to 'underperform'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday afternoon:

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4 Jan 2023 21:57

TOP NEWS: Ryanair raises full-year outlook after strong quarter

(Alliance News) - Ryanair Holdings PLC late on Wednesday raised its full-year profit guidance on a strong performance over the Christmas and New Year's Eve period.

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4 Jan 2023 17:00

LONDON MARKET CLOSE: Miners, oil majors limit gains for FTSE 100

(Alliance News) - The FTSE 100 underperformed on Wednesday, weighed down by oil and mining stocks, but other European indices rallied.

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4 Jan 2023 12:21

LONDON MARKET MIDDAY: Markets upbeat as eyes turn to Fed minutes

(Alliance News) - Stock prices in London were higher at midday on Wednesday as investor sentiment remained buoyed, despite some mixed economic data, as traders look ahead to meeting minutes from the US Federal Reserve.

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